HATIM EDU CARE

Monday 14 December 2020

Rupee Rises 5 Paise To 73.59 Against US Dollar In Early Trade

HATIM RAMPURAWALA December 14, 2020

The rupee strengthened by 5 paise to 73.59 against the US dollar in opening trade on Monday, supported by foreign portfolio inflows and strong opening in domestic equities. At the interbank forex market, the domestic unit was trading in a narrow range against the US dollar, it opened at 73.62 against the greenback, then gained ground and touched 73.59 against the American currency, registering a rise of 5 paise over its previous close.

In a volatile trade, the local unit also touched a low of 73.64 against the American currency. On Friday, the rupee ended almost flat at 73.64, up 2 paise, against the US dollar. "Weakness of the US dollar, optimism surrounding vaccine roll-out, dollar inflows into local equities could keep depreciation bias limited. On the other hand, RBI’s presence in the market could keep appreciation bias limited," Reliance Securities said in a research note.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading down 0.20 per cent at 90.79. On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 84.04 points higher at 46,183.05, and the broader NSE Nifty rose 26.30 points to 13,540.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 4,195.43 crore on a net basis on Friday, according to exchange data. Brent crude futures, the global oil benchmark, rose 0.68 per cent to USD 50.31 per barrel.

(Disclaimer : This news is not edited by "HEC News",

Source - Republic World)

Regards,

Hatim Rampurawala

SC imposes cost of ₹15,000 on UP govt. for wastage of judicial time

HATIM RAMPURAWALA December 14, 2020

The Supreme Court has imposed a cost of ₹15,000 on the Uttar Pradesh government for “wastage of judicial time” in a case in which the State had filed an appeal in the apex court after a delay of over 500 days.

Noting the delay in the filing of the appeal, a Bench headed by Justice S.K. Kaul said that there was not even the “courtesy” of setting out the dates as to how the files had moved.

“The special leave petition is delayed by 576 days (535 days as the senior counsel contends). There is not even the courtesy of setting out the dates as to how the files have moved, possibly because we have been directing responsibility to be fixed and costs to be recovered from such persons who are responsible for the delay,” the Bench, also comprising justices Dinesh Maheshwari and Hrishikesh Roy, said in its December 1 order.

The Bench said, “We dismiss the special leave petition on the ground of delay, but for wastage of judicial time, consider appropriate to burden the petitioner with costs of ₹15,000 to be deposited with the Supreme Court Advocates-on-Record Welfare Fund...”

It said that the cost be recovered from the officers responsible for the delay in the filing of the appeal in the top court.

“Thus, we are once again faced with a matter so as to obtain a certificate of dismissal and such cases we have categorised as ‘certificate cases’, brought before this court only to put a quietus to the matter and not fix the responsibility on the officers who are responsible for the situation,” the Bench noted.

The apex court was hearing an appeal filed by the State against the October 2018 order of a division bench of the Allahabad High Court.

The division bench of the high court had dismissed the State’s appeal against the January 2018 order passed by a single-judge bench, which had directed the department concerned to regularise the service of a man.

(Disclaimer : This news is not edited by "HEC News",

Source : The Hindu)

Regards,

Hatim Rampurawala

Sunday 13 December 2020

FINANCIAL NEWS, HEC NEWS

Reddit to buy TikTok rival Dubsmash

HATIM RAMPURAWALA December 13, 2020

Social network firm Reddit said to team on Sunday it would buy short-video platform Dubsmash, becoming the latest company to expand in a space dominated by Chinese-owned TikTok.

The financial terms of the deal were not disclosed, but a spokeswoman for Reddit said the acquisition was based on a combination of cash and stock.

The success of ByteDance's TikTok has prompted many social media companies to add short-video services to their platforms, with Snapchat Inc rolling out "Spotlight" in November and Facebook Inc launching "Instagram Reels" earlier this year.

Reddit said in a blog post that the deal would give its users, who can already upload and stream videos, access to Dubsmash's editing and short-video creation tools.

The San Francisco-based company added that Dubsmash would maintain its own platform and brand.

Dubsmash's entire team, including co-founders Suchit Dash, Jonas Drüppel and Tim Specht, will join Reddit.

(Disclaimer : This news is not edited by "HEC News",

Source :Times of India)

Regards,

Hatim Rampurawala